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electronically, but you need people to operate that technology, and you need customers to provide content to the marketplace. what you would have had with simply an electronic version of price discovery is something i think a lot of people would have been very disappointed in. i think it basically would have lent itself to greater market volatility, price dislocation, and no one would have been happy. i think while the markets were ready to go, the customers weren't ready, and the markets reflected that by keeping everything closed. >> so, dick, tell us what we might expect tomorrow. you've been in this position before, to have to check trading, check that you were to ensure you would have an orderly day of trading. what do you think is going on right now at the new york stock exchange? what are they, you know, dotting the is and crossing the ts to ensure that things open without a hitch tomorrow? >> well, the most important thing that we heard from duncan in his interview a bit ago is that he's concerned about customer connectivity to the exchange. i think the exchange unto itself has te
-cap. when you start to see those bull market sectors, not to mention technology sell off, i think you just want to become a little bit more cautious. not bearish. defensive, cautious. >> yeah, you say portfolio managers are doing window dressing right now, jeff. >> they are. you can see some of it. i think it's absolutely refle reflective of what abigail just said. there's a tendency to get away from the cyclical stuff, to go towards the defensive stocks. i'm watching the vix levels here. i think there's a lot of complacency in the market, which is very dangerous. we've seen the market get to this low end. it's almost always been resulted in bad things, sell off time. again, we have all these risks coming up that i think are going to make investing a very difficult road. i would watch the volume levels. i think you're going to see people heading for the exits. >> all right. we'll leave it there. thank you very much. we appreciate it. >>> sandy shutting down businesses throughout the northeast. how is that impacting the restaurant industry supply chain? howard schultz will be joining me nex
, technology, materials. the s&p 500 down 13.3 points. that was the leadership group. the market ending a shortened week. let's bring in our guests for their take on what went on. with us now, chip dixon, jeff cox, and rick santelli. nice to have you on the program. thanks for joining us. chip, let me begin with you. haven't see you in a little bit. we used to talk long ago when you were at a different firm. welcome back to cnbc. >> thank you. >> you are the director of research discern. what is your research telling you here about where we are in this market and in this cycle for the economy? >> well, it tell us that the housing sector is improving and the residential side. commercial permit activity, which we see, has gone up, it's kind of plateauing. it tells us we're dealing with a lot of uncertainty out there. there's a tremendous amount of pent-up capacity in corporate america if we can just get the right fiscal policies in place. this economy could do well. >> do you think things loosen up after the election when we know who the president will be? >> i think it depends. then we'r
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